|[August 09, 2014]
Equity Alert: Johnson & Weaver, LLP Files Class Action Complaint Against Certain Officers and Directors of Yelp, Inc.; Investors Encouraged to Contact the Firm
SAN DIEGO --(Business Wire)--
Shareholder rights law firm Johnson & Weaver, LLP, who filed the initial
class action complaint alleging violations of the federal securities
laws against Yelp (News - Alert), Inc. (NYSE:YELP) and certain of its officers and
directors, reminds investors that they have until October 6, 2014
to file a motion seeking to be appointed lead plaintiff.
If you purchased Yelp common stock securities between October 29,
2013 and April 3, 2014, (the "Class Period") we encourage you to contact
our firm. The case is pending in the United States District Court
for the Northern District of California.
Additional Information about the Lawsuit:
Yelp operates as an online local guide that connects people primarily
with boutiques, mechanics, restaurants, and dentists. The Company states
that reviews of these businesses that appear on its website are written
by people using Yelp to share their everyday local business experiences,
giving voice to consumers and bringing "word of mouth" online.
The complaint alleges that during the Class Period, defendants made
materially false and misleading statements concerning the Company's true
business and financial condition, including butnot limited to the true
nature of the so-called "firsthand" experiences and reviews appearing on
the Company's website, the robustness of its processes and algorithms
purportedly designed to screen unreliable reviews, and the Company's
forecasted financial growth prospects and the extent to which they were
reliant upon undisclosed business practices, including but not limited
to requiring business customers to pay to suppress negative reviews.
Defendants' false and misleading statements during the Class Period
caused the Yelp's stock to trade at artificially inflated prices,
reaching a high of over $98.00 per share on March 4, 2014, and allowed
Company insiders to sell more than 1.16 million shares of Yelp stock at
prices as high as $98.99 per share for insider trading proceeds of more
than $81.5 million.
According to the complaint, as the true facts concerning the Company's
business practices began to be revealed to the market through a series
of articles and disclosures starting on March 31, 2014, the Company's
stock price declined, falling from a close of $80.18 per share on April
1, 2014 to a close of $65.76 per share on April 4, 2014.
Plaintiff seeks to recover damages on behalf of all purchasers of Yelp
common stock during the Class Period. If you wish to serve as a lead
plaintiff, you must move the Court no later than October 6, 2014. If
you wish to discuss this action, have any questions concerning this
notice, or your rights or interests, please contact lead analyst Jim
at 619-814-4471. If you email, please include your phone number.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law
firm with offices in California, New York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more information
about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
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